Economy
Afrinvest: Nigeria’s Economic Fortunes Depend On Data-Backed Reforms
Afrinvest: Nigeria’s Economic Fortunes Depend On Data-Backed Reforms
Afrinvest: Nigeria’s economic fortunes depend on data-backed reforms. Afrinvest has called for research-driven reforms to unlock Nigeria’s economic potential beyond the trillion-dollar gross domestic product milestone.
Afrinvest has called for research-driven reforms to unlock Nigeria’s economic potential beyond the trillion-dollar gross domestic product milestone.
Its managing director, Ike Chioke, made the call at the company’s 30th anniversary celebration and the unveiling of the 20th edition of its flagship Banking Sector Report on Tuesday in Lagos.
The report outlines seven priority sectors, agriculture, creatives/tourism and hospitality, technology, banking & finance, oil and gas, logistics, and domestic manufacturing, as accelerators of growth that can reposition Nigeria as a globally competitive economy.
Mr Chioke said the company’s 30-year journey had been about producing ideas that shape policy and guide stakeholders through economic turbulence.
“Our research has consistently shown that Nigeria’s fortunes are inseparable from global tides. From the banking reforms of the early 2000s to the 2008 financial crisis, the 2016 recession, and the COVID-19 pandemic, we have seen that clarity, innovation, and bold action remain the most reliable drivers of recovery and growth,” Mr Chioke said.
He noted that past editions of the BSR had spotlighted critical turning points. He said this includes the 2009 banking sector collapse, the 2017 recovery phase titled ‘Nigeria Reopens for Business’, and the 2022 warning, ‘Brace for Impact’, which foreshadowed subsidy and FX reforms later implemented by President Bola Tinubu.
“This 20th edition is both a call to action and a framework for Nigeria’s future. If we harness these seven industries strategically, Nigeria can move beyond short-term fixes and position itself as a trillion-dollar-plus economy, just like India and Indonesia have done,” Mr Chioke added.
The event drew policymakers, regulators, and industry leaders, who praised Afrinvest for its consistency in providing research-driven solutions to Nigeria’s economic challenges.
Godwin Obaseki, the chairman of Afrinvest, stated that the company’s three-decade journey has reflected a legacy of resilience, innovation, and transformative impact in Nigeria’s financial markets.

Afrinvest
According to him, the company has not only facilitated landmark acquisitions but also built innovative investment instruments that continue to redefine access to opportunities for clients.
He highlighted some of Afrinvest’s landmark transactions, including the UBA and Standard Trust Bank merger in 2004, the €350 million eurobond issued by GTBank in 2007, and Dangote Cement’s N2.1 trillion listing in 2010, the largest in the history of the Nigerian Exchange.
Economy
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos Assembly Strongly Seeks Suspension Of Makoko Demolition
Lagos assembly strongly seeks suspension of Makoko demolition. The Lagos state house of assembly has called for the suspension of demolition activities in Makoko, Oko-Agbon and Shogunro waterfront communities following protests by displaced residents and growing public concern over the exercise.
The call was announced on Tuesday by Noheem Adams, chairman of an ad hoc committee set up by Mudashiru Obasa, speaker of the house, during a stakeholders’ meeting held at the Lateef Jakande auditorium.
Adams called on all state ministries to cease demolition work and promised compensation to the affected residents.
“On behalf of the speaker and all 40 members of the house, we are directing that all demolitions in Makoko, Oko-Agbon, and Shogunro communities should stop from today until further notice,” New Telegraph quoted Adams as saying.
He called for transparency by demanding the full list of taskforce members and the criteria used for engagement, insisting that residents must be actively involved in the process.
“That the taskforce that was constituted, we want to see the list of the taskforce because we want the residents to be duly involved and to be carried along. So we want to have the schedule of those task forces and the criteria for those that we are inviting,” Adams added.

Lagos Assembly
“To the residents of Makoko, Oko-Agbon and Shogunro communities, as your representatives, we are giving you all assurances that they will stop demolitions henceforth and there will be compensations for all those whose properties have been demolished.”
Stephen Ogundipe, member of the ad-hoc, said there is need for clear communication, adding that residents targeted for relocation or redevelopment must be informed of the government’s plans in advance.
Babatunde Olajide, special adviser to governor of Lagos on E-GIS and urban renewal, confirmed that $2 million had been earmarked since 2021 to transform Makoko into a modern, internationally compliant water city.
He said enumeration of affected properties is underway and reiterated the administration’s commitment to handling the situation with a human face, prioritizing resident safety and fair compensation.
Yusuf Sagra, baale of Makoko, described the assembly’s decision as a “word of peace,” while Orioye Ogungbure, another leader of the community, praised the “democratic responsiveness” of the government.
Crime
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.

EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
Economy
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank Gets New Board Chair Ifeyinwa Osime
Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.
Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.
Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.
Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.
She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime
Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.
“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”
Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.
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